Oceaneering Quarterly Loss Narrows

Oceaneering has reported a net loss of $25.5 million, or 26 cents per share, for the three months ended September 30, 2019.

The result compares with net loss of $66 million same time last year. During the prior quarter ended June 30, 2019, Oceaneering reported a net loss of $35 million, or 36 cents per share.

The Houston-based subsea engineering specialist generated quarterly revenue of $498 million, down from $519 million in Q3 2018, and up from $496 million sequentially.

For the nine months of 2019, Oceaneering reported a net loss of $85.5 million, or $87 cents per share, on revenue of $1.49 billion, against $148 million loss and $1.41 billion revenue same time last year.

“We believe our fourth quarter 2019 EBITDA will be slightly lower than our adjusted third quarter results, with the onset of seasonally lower offshore activity within our energy segments being slightly offset by improved contribution from our non-energy segment. Sequentially for our energy segments, we expect lower operating results from ROV, Subsea Products, and Subsea Projects segments and a marginal improvement in our Asset Integrity segment. For Advanced Technologies, we are projecting improved performance from our commercial businesses that will result in a meaningful revenue increase and an operating margin in the low double-digit range,” said Roderick A. Larson, president and CEO of Oceaneering.

Subsea World News Staff